After vowing in his State of the Union address to use the power of the pen to pursue his agenda in 2014, President Obama once again is hitting the campaign trail to tout his proposals -- while countering criticism that his presidency has entered a lame-duck phase. Who criticized him? Where's the IRS?
The president on Wednesday will launch a multi-state, post-speech tour. The stumping comes after the president offered a mixed message in his State of the Union address -- he made clear he'll sidestep Congress "wherever and whenever" he can to tackle economic issues but also lowered his sights for what is achievable at this stage in his presidency. Achievable meaning without the GOP.
In his State of the Union address, Obama stopped short of proposing any sweeping new initiatives. He renewed his call for Congress to approve an immigration overhaul "this year," but for the most part narrowed his focus to smaller-ticket items he's vowing to do on his own. Urging a "year of action," he pitched what he called "concrete, practical proposals" to boost the middle class and build "new ladders of opportunity" for others to enter it Not small business ladders, for sure, but government ladders - like raising the minimum wage so burger-flippers can be elevated into the middle class. Thematically, Obama focused his remarks on income inequality and American workers. He argued that the economic recovery largely has benefited those "at the top" while leaving many Americans struggling to break into the middle class.
Among the other executive actions Obama is vowing to take is a plan described as "starter savings accounts." Obama said he'd launch "myRA" accounts to help people save for retirement -- under the rough outline of the plan, the accounts would be offered, via employers, through a Roth IRA account and backed by the government. Can I have a MyRA with my 401k and my Roth IRA? And Social Security, too?
Though Obama's address focused largely on the economy and wages, the health care law remains a major challenge in 2014. The administration has worked to address widespread technical problems with the federal insurance exchanges, but lawmakers are still voicing concerns about the financial stability of the system.
Obama did offer a defense of his health law toward the end of the address. He stressed that the law prevents Americans from being dropped from or denied coverage over a preexisting condition, and said Americans "aren't interested in refighting old battles" on the law. Just those represented by Congressional Republicans, including the TEA Party - a majority in the House.
To Republican critics, he said: "Tell America what you'd do differently. Let's see if the numbers add up. But let's not have another 40-something votes to repeal a law that's already helping millions of Americans like Amanda. The first 40 were plenty." I don't think so, Mr. President. You still haven't heard the voice of 60% of the people.
Obama left foreign policy for the end of his address, defending his administration's decision to engage Iran in nuclear negotiations while walking back his previous statements acknowledging there is more work to do in the fight against terrorism.
"While we have put Al Qaeda's core leadership don't forget who wacked bin Laden on a path to defeat, the threat has evolved, as Al Qaeda affiliates and other extremists take root in different parts of the world," Obama said. Obama vowed to keep working with allies to "disrupt and disable" those networks.
Posted by: Bobby ||
01/29/2014 07:57 ||
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#1
Obama said he'd launch "myRA" accounts to help people save for retirement -- under the rough outline of the plan, the accounts would be offered, via employers, through a Roth IRA account and backed by the government.
I'm guessing either some sort of fee-based insurance like bank accounts up to $X now have, or used to buy Treasuries each time the cash balance hits $25 or whatever. Not that I trust the Treasury to be safe, but I'm not sure this is a bad thing to get lower paid workers into a savings plan that doesn't depend on government promises, especially if it can be rolled over into a proper IRA.
#5
The My IRA - derth - MyRa made no sense at all. Wut, put my money in a government account earning blank percent and hope that account has not been raided, like what Sebilius tried to do in Kansas before getting promoted.
Not interested in fighting old battles huh. Good, quit your amnesty and gun grabbing shit.
BTW, loved the red carpet last night. Fabulous. The economy is fired up...but we need to reinstate unemployment benefits for the millions who have exceeded its time frame...so that we can attract millions of unemployed foreigners with permament citizenship...because we need a larger government with a larger payroll...but trust us with your savings account and health concerns...because the government is like totally trustworthy.
(Anyone else notice how totally obvious the visual agit-prop of having the personal story props all sitting next to the queen mom, and her appearance in each an every one? Some guy who couldn't run a bowling scorecard know how Joe Pizza should run his business - good employees mean good product mean good wages, and inverse)
#7
As everyone knows....private IRA's and 401k's are inherently unfair. New gov't regulations and standards of fairness and equality will be established. Firms and account holders which cannot meet the new regulations will be forced to close or transfer accounts, or both. Investors will be encouraged to move their accounts to the new FDIC back myRA to avoid severe, early withdrawal IRS penalties and taxes.
#11
The MyRa plan puts the US on course to be Japan where all of their debt is basically held by their own citizens. This is how Japan can sustain such substantial debt to GDP levels. All this MyRA nonsense suggests is that the Treasury knows that foreign appetite for US debt will never be the same and there has to be a means to fund several hundred billion dollar annual deficits going forward. Anyone can buy US bonds right now. Why does the government have to help us buy them?
This is the next Social Security debacle in which all the money is spent and there is nothing but IOUs in the lock box....
#13
Of course. After 'Healthcare' reform we will have 'Investment reform' because of those evil bankers and investors. Much like how Besoeker described it above.
Just need to trigger another 'bubble bust' to create the proper crisis... blame it on the jews investment bankers and we're off!
#14
MG - MyRA is the new 'war bonds' to continue to run the bankrupt government. Unfortunately, the old war bonds were sold to 'Americans' to defend their way of life and culture. 50 years into the culture war with multiculturalism and every special interest group vying for exceptions, exemptions, and pay offs, it's everyone for themselves. That's not going to sell.
Heres the thing: according to the IRS, there is well over $5 trillion in US individual retirement accounts. For a government as bankrupt as Uncle Sam is, $5 trillion is irresistible.
Protip - you can file your 1040 and report an early IRA / 401(k) distribution without the 10% penalty and your return won't get rejected, nor will you get a letter in the mail shortly thereafter with the penalty bill.
However, if your return gets pulled / audited or you get a correspondence audit from the IRS (say, for unreported stuff like not reporting bank interest, dividends, etc. on your return), then the IRS calculates the penalty.
#20
Might work, IF he wasn't a LIAR already, Just can't be trusted, so, He'll FORCE you.(It's for your own good)DANGER WILL ROBERTSON, DANGER, DANGER.
Posted by: Redneck Jim ||
01/29/2014 20:21 Comments ||
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#21
There is already a thing called an (Roth) IRA, the program is up and running, its called a Bank, and they are already insured for loss.
If it is a voluntary program, what could the Government offer which would be superior to IRAs already offered, and yet be different than bonds and other savings options? How?
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After vowing in his State of the Union address to use the power of the pen to pursue his agenda in 2014, President Obama once again is hitting the campaign trail to tout his proposals -- while countering criticism that his presidency has entered a lame-duck phase. 
Thematically, Obama focused his remarks on income inequality and American workers. He argued that the economic recovery largely has benefited those "at the top" while leaving many Americans struggling to break into the middle class.
